Redfern Review into the decline of home ownership to report in Autumn 2016

The Redfern Review, an independent study into the decline of home ownership, commissioned by the former Shadow Secretary of State for Housing and Planning, John Healey MP, will report as planned in autumn 2016. There will be an extended consultation period to take into account the consequences of the UK’s recent referendum vote in favour of leaving the European Union.

The Redfern Review’s main objective is to examine the recent decline in home ownership and ways in which opportunities for home ownership can be improved. It is an independent review which aims to widen public debate and policy thinking.

Although he has recently resigned from the shadow cabinet, John Healey continues to work on housing and is determined to continue to encourage the delivery of the review. Along with Peter Redfern, he remains passionate about the long term health, sustainability and fairness of the housing market.  Following discussion with the Panel and our working team, Peter Redfern is committed to completing the work of the Review, and we expect to publish in the Autumn as planned.

The recent turmoil following the EU Referendum has brought the housing market into sharp focus as, as a key factor in national social and economic stability, and in the security and life choices of individuals.

The Panel and team have focused on the long term issues surrounding the market, how short term initiatives impact on the long term position, and the balance of opportunity for all in accessing home ownership and other forms of housing tenure.  In the early Autumn, we expect to set out a comprehensive analysis of home ownership decline and an overall framework within which high quality and long term housing-related decisions can be taken.

The Referendum vote of 23rd June presents a series of potential challenges and opportunities, and the team intends to update its report for this change in circumstances.  The work is supported by new financial modelling prepared by Oxford Economics, and scenario analysis, considering policy impacts in different market conditions.

The initial submission and consultation process is completed but the Redfern Review will now extend the consultation deadline to 31 July 2016 to consider the impact of Britain’s departure from the European Union. Submissions should be sent to info(Replace this parenthesis with the @ sign)redfernreview.org.

Pete Redfern said:

“The long term decline in home ownership in the UK towards 60% disadvantages both individuals and the health and stability of our economic and social structures.  Our initial findings indicate that only long-term measures will work in addressing this critical issue in a sustainable way.

“The Review will report in the Autumn taking into account views on the impact that Brexit will have on home ownership.  We need to continue to strive to give current and future generations a realistic opportunity to own their own home.”

 

John Healey MP said:

“Following the recent referendum vote, fresh thinking and new ideas in areas like housing are more needed than ever.

“I’ll be carrying on my work on housing, and look forward to the important contribution the Redfern Review will make to our national debate.”